Lenovo will be in a "very different" situation in terms of profit in the coming quarters as the Chinese technology giant implements a turnaround strategy amid a slowing PC sector and market turmoil in developing countries, the company's president said.
The world's number one PC maker saw profits plunge 51 percent year-over-year to $105 million in the first fiscal quarter, a fall it attributes to "severe challenges" in key markets such as China and Brazil.
But concerns about Chinese growth that has sent stock markets into turmoil recently are not worrying Lenovo as it looks to restructure.
"We are taking all the action in terms of combining things, in terms of taking out certain costs, becoming even more efficient in some other areas. Of course, we are in the process of doing that. We are going to execute within these things," Gianfranco Lanci, president and chief operating officer at Lenovo, said at a roundtable with reporters at the IFA consumer electronics show in Berlin this week.